Norwegian offshore wind developer Vårgrønn has entered into the German offshore market after agreeing to buy a 27.4% stake in the 288MW Baltic 2 project.
The company – a joint venture of Italian oil major Eni's Plenitude subsidiary and Norwegian oil and gas firm HitecVision – will buy the stake in the offshore wind farm from the PGGM Infrastructure Fund.
CEO Stephen Bull said: "This transaction provides Vårgrønn with a significant platform for further growth and important operational insight in a new market."
After the deal closes, the German utility EnBW, which developed the project, will retain a majority 50.1% stake, while German pension management firm Ärzteversorgung Westfalen-Lippe will own the remaining 22.5% share.
Baltic 2 is located 32km from Rügen island in Germany’s Baltic Sea. It features 80 of Siemens Gamesa’s SWT 3.6MW-120 turbines and began producing power in 2015.
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